HD Korea Shipbuilding Sells $1.55 Billion of Exchangeable Bonds

HD Korea Shipbuilding & Offshore Engineering Co. has raised $1.55 billion from the sale of bonds that can be exchanged into shares of its unit HD Hyundai Heavy Industries Co., according to terms of the deal seen by Bloomberg News, about $50 million more than it had initially sought.

The company, which makes ships and machinery, sold the bonds exchangeable at zero coupon, the terms show. The US dollar-denominated bonds will mature on May 4, 2031, and investors have a put option after two years.